Wharf's Full-Year Results a Slight Beat on Flagship Asset's Strong Performance
Wharf Real Estate Investment Co, or WREIC, reported 2018 full-year results slightly ahead of our projection, with underlying profit of HKD 10.1 billion, up 6% year on year. This is 5% higher than our estimate, mostly attributed to better than expected margin for investment properties in Hong Kong. Harbour City performed strongly on the back of a citywide recovery of the retail sector. The investment property portfolio achieved turnover and operating profit of HKD 14.3 billion and HKD 12.7 billio...Wharf Real Estate Investment Company Ltd. WHARF REAL ESTATE INVESTMENT COMPANY LIMITED is a company principally engaged in the investment and operation of properties. The Company's Harbour City is a mixed-use integrated complex with retail and office premises, serviced apartments, hotels and a club. Strategically located at the harbour front in Tsim Sha Tsui, it includes one of the largest shopping malls in Hong Kong with a contiguous mall, drawing shoppers and tourists to its entertainment, dining and hotel components. The Company's Times Square is a mixed-use integrated complex which is directly connected to the MTR station in Causeway Bay, with retail and office premises which house 16 levels of shopping mall, and housed international brands and other retailers, 20 restaurants and a cinema. The Company's main revenue is rental income from investment properties.
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